The Department of Health and Human Services (HHS) recently released a comprehensive guide on implementing cyber insurance for medium to large-sized healthcare organizations. Yesterday, we looked at their guidance for small healthcare organizations. Today, it’s medium and large organizations. Let’s take a look.
Cybersecurity insurance is vital for businesses facing the growing threat of cyber attacks. It establishes an ongoing partnership between organizations and insurers to bolster security measures and mitigate financial risks.
With the healthcare sector increasingly targeted by cyber threats, coverage emerges as a crucial safeguard against potentially devastating losses. By ensuring access to third-party breach specialists, forensic experts, and legal counsel, cyber insurance equips organizations with essential resources to navigate and recover from cyber incidents.
The guide highlights several key threats that cyber insurance effectively mitigates. Those include social engineering, ransomware attacks, data loss or theft, and attacks against network-connected medical devices.
Implementation Tips
First, healthcare organizations, vulnerable to ransomware attacks due to their valuable public health information, should prioritize securing a cyber insurance policy with specific ransomware protections. The guide emphasizes the potential financial impediments caused by ransomware attacks. It underscores the importance of cyber insurance in mitigating these impacts.
Secondly, organizations should consider whether their policy includes provisions for defending against lawsuits or regulatory investigations. This is commonly called a “duty to defend.” Access to legal representation post-breach can significantly aid in managing incidents and consulting on regulatory compliance expectations.
Thirdly, organizations are encouraged to inquire about any policy requirements regarding using specific vendors for incident response. Familiarizing themselves with the stakeholders designated by the policy ensures alignment with policy requirements and streamlines incident response efforts.
In conclusion, and not surprisingly, the HHS guidance says implementing cyber insurance is crucial for medium to large-sized healthcare organizations.
Source: Cyber Insurance for Medium/large-sized Healthcare Organizations